China

Ping An Group subsidiary OneConnect Financial Technology has raised $312m from a listing of American Depository Shares (ADS) after trimming and then increasing its IPO.

Chinese property developer Hydoo International Holding has priced new notes as part of an exchange offer, issuing $193.5m of two year bonds that include around $82m of new money.

Chinese residential developer Zensun Group bagged $120m from a tap of its debut bond on Thursday, launching the deal on the back of plenty of anchor support.

Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material have stopped the syndication of a $300m loan.

The Chinese local government financing vehicle (LGFV) sector ran into some trouble this week, causing a sell-off in the secondary market and a primary deal to be pulled. The fallout from the events could lead to a challenging start to 2020, writes Addison Gong.

Hebei-based steelmaker HBIS Group raised $300m from a bond this week ahead of an April maturity. It hit the market when investor confidence was shaken by recent and upcoming defaults from China.

OneConnect Financial Technology Co, a unit of Chinese conglomerate Ping An Group, reduced the size and price range of its New York Stock Exchange listing on Wednesday, a day before it was to be priced.

Chinese state-owned commodities trader Tewoo Group has announced the final results of its offshore debt restructuring, with investors accepting losses on their principals or facing delayed repayments up to 2039.

Shangrao Investment Holding Group Co tried to brave the market with a three year bond on Tuesday despite a volatile start to the week for local government financing vehicles (LGFVs), but it ended up pulling the dollar transaction.

French company Veolia Environnement is set to return to the Panda bond market after more than a year away. It has mandated banks for its third outing in China’s debt market.

Equity markets, particularly European ones, are largely focusing on the UK election as the last opportunity for pre-Christmas volatility. But investors should remember that other shocks remain possible, including the scheduled imposition of US trade tariffs on China on Sunday.

Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.